Introduction The Most Important Thing Illuminated is a book about value investing. This book is a statement of the author’s investment philosophy. I chose this book to learn more about value investing and maybe to gain different perspectives. Author Howard Marks is the co-founder and co-chairman of Oaktree Capital Management. He started his career as an equity research analyst in Citicorp. After that, he joined TCW Group. There are five annotators in this book and they are Bruce Greenwald, Christopher Davis, Joel Greenblatt, Paul Johnson and Seth Klarman. They all have extensive experience in the field of investment. Content The Most Important Thing Illuminated contains 21 chapters, a foreword and an introduction. Each chapter begins with the phrase “The Most Important Thing Is …” followed by the chapter title. The chapters are 1) Second-Level Thinking, 2) Understanding Market Efficiency (and Its Limitations), 3) Value, 4) The Relationship Between Price and Value, 5) Understanding Risk, 6) Recognizing Risk, 7) Controlling Risk, 8) Being Attentive to Cycles, 9) Awareness of the Pendulum, 10) Combating Negative Influences, 11) Contrarianism, 12) Finding Bargains, 13) Patient Opportunism, 14) Knowing What You Don’t Know, 15) Having a Sense for Where We Stand, 16) Appreciating the Role…